COVID-19 Is Behind The Remarkable Telemedicine Market Growth Rate Of 40% Through 2023

Telemedicine Market Segmentation: By Technology Outlook – Store And Foreward, Real Time; By Application – Teleradiology, Telepsychiatry, Telepathology, Teledermatalogy, Telecardiology

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According to The Business Research Company’s research report on the telemedicine services market, the emergence of natural disasters and pandemics pose critical challenges in providing healthcare services to inpatients and outpatients. In such cases, telemedicine has proved to be helpful in ways where medical practitioners can evaluate and manage patients easily and efficiently. These visits can be arranged without exposing healthcare professionals to viruses and other infections during outbreaks. It also prevents the transmission of infectious diseases to vulnerable patients with the help of remote screening. In addition, extra working hands become available to provide physical care at the respective health institutions. Therefore, health systems that are invested in telemedicine are well positioned to ensure that patients with conditions such as COVID-19 infection receive essential care and treatment.

The benefits of telemedicine include timely access to appropriate medical interventions, including access to services that may not otherwise be available. Telemedicine services are highly advantageous for countries with large rural populations and geographical distances that limit access to resources. In addition, one of the major advantages of telemedicine is cost and effort-saving, especially for rural patients, as they have to travel long distances to obtain consultation and treatment. In such cases, telemedicine can provide optimal, timely and faster access to rural patients. It also reduces the financial costs associated with travel, the inconvenience to family and caregivers, and other social factors. It also plays an important role in medical cases where there is no need for the patient to physically see the healthcare practitioner, such as for the purpose of regular or routine check-ups or continuous monitoring. Finally, it also reduces the burden on secondary hospitals.

The Business Research Company’s report titled Telemedicine Services Market Global Report 2020-30: COVID-19 Growth and Change covers major telemedicine services companies, telemedicine services market share by company, telemedicine services manufacturers, telemedicine services infrastructure market size, and telemedicine services market forecasts. The report also covers the global telemedicine services market and its segments.

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The global telemedicine market size reached a value of nearly $49.89 billion in 2019, having increased at a compound annual growth rate (CAGR) of 22.5% since 2015.  The market is expected to grow from $49.89 billion in 2019 to $194.05 billion in 2023 at a remarkable rate of 40.4%. The growth is mainly due to the increase in demand for telemedicine services during the pandemic and government initiatives. It is expected to grow to $277.93 billion in 2025 at a CAGR of 19.7%. The market is expected to grow and reach $459.80 billion in 2030 with a CAGR of 10.6%. North America accounts for the largest telemedicine market share, accounting for 43.9% of the total in 2019. It is followed by the Asia Pacific and Western Europe and then the other regions. Going forward, the fastest-growing regions in the telemedicine services market will be the Middle East and Asia Pacific, where growth will be at CAGRs of 15.4% and 13.2% respectively. These will be followed by Africa and South America, where the markets are expected to register CAGRs of 12.4% and 11.4% respectively.

Increasing demand for telemedicine services in diagnostics for COVID-19 and other illnesses during the lockdown period is a major driver of the market. There has been an increase in adoption of telemedicine services in the diagnostic stage and follow-up with healthcare practitioners while facilitating social distancing. In March 2020, the US government announced its decision to allow the use of telehealth services during the pandemic. This decision led to a massive 4,300% increase in telehealth utilization from pre-pandemic levels. In March 2020, the government of Australia launched “Medical Support At Home” initiative which promotes the use of telemedicine services platforms across the country. The government of the country invested about $1.1 billion to make the telehealth services available to the public, thus supporting the growth of the market.

Telemedicine Services Market Global Report 2020-30: COVID-19 Growth and Change is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth telemedicine market analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

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